BASF (BASFY) said Monday it will refrain from compulsory job cuts at its main plant in Ludwigshafen, Germany, for at least three years while also pledging to spend €1.5 billion-€2 billion annually to modernize the site.
BASF (BASFY) said the new agreement with employee representatives initially applies from January 2026 to December 2028 and could be extended for two more years if agreed profitability targets are met.
More than 30,000 workers are employed at BASF’s (BASFY) headquarters plant in Ludwigshafen – Europe’s biggest chemicals plant – accounting for about a third of company’s global workforce.
In 2023, the company said it planned to cut 2,600 jobs at European production sites, including Ludwigshafen, which have been largely completed.
Germany’s chemical companies are struggling with another year of decline, with plants operating at an average of only 70% capacity this year, according to industry group VCI.
